Which of the following would NOT encourage economic growth in the United States?
A. An improvement in shipbuilding technology that allows large cargo ships to be built at lower cost, reducing the cost of trading with other countries
B. The development of a better Internet search engine
C. A limit on the number of foreign citizens who are permitted to study in high-level research institutions in the United States
D. The development of artificial intelligence, allowing computers to fill jobs formerly occupied by human beings
Answer: C
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In classical growth theory, if real GDP per person is above the subsistence level,
A) population grows and lowers real GDP per person to its subsistence level. B) the pursuit of profit will cause economic growth to accelerate. C) technological growth occurs and keeps real GDP per person above its subsistence level. D) the economy will keep growing without limit. E) None of the above is correct because the classical growth theory asserts that real GDP per person can never exceed the subsistence level.
Suppose demand can be described with the equation Q = 900 ? 5P and supply with the equation Q = 100 + 5P
a. Determine the equilibrium price and quantity. b. Determine the surplus or shortage if the price were $100.
Which of the following is a sustained decrease in the price level?
a. hyperinflation b. disinflation c. deflation d. none of the above are considered a sustained decrease in the price level.
Keynes thought the Great Depression had been caused by a collapse in _____.
Fill in the blank(s) with the appropriate word(s).